To complement our practices in other areas concerning individuals and their affairs in Bulgaria, we have considerable experience in advising individuals on tax structuring that involves Bulgarian structures.
This relates both to business people who wish to ensure the simple, compliant and efficient administration of any income or profits that their investments or operations in Bulgaria generate, and to those international high net worth and ultra high net worth individuals who feel that Bulgaria may provide a useful means of structuring their affairs, given pre-existing ties with the country or simply insofar as it makes sense to the personal circumstances of the relevant individual or family.
We can also assist those who have Bulgarian heirs, make or receive gifts in or from Bulgaria (see also our Charities) practice area page) and those who are expatriated employees in Bulgaria (see also our (Expat Assistance pages).
The typical problems thrown up by individual tax planning involve:
- establishing or advising on residence, and on multiple residence;
- advising on how multiple residence is likely to be dealt with by the Bulgarian tax authorities, including the practical application of double taxation agreements;
- withholding tax (‘WHT’) on income, profits, investments and dividends;
- advice on the taxation on the acquistion (including importation, for the purposes of EU VAT) and disposal of high-value personal assets (real estate, pleasure vessels including yachts, and aircraft);
- shares and other securities in private companies or public companies listed on recognised stock exchanges including the Bulgarian Stock Exchange in Sofia;
- tax consequences of making or receiving gifts, including giving through one’s will and including situations with assets in multiple jurisdictions (see also our Wills, probate and Inheritance page);
- advice on the acquisition, dealings with and disposal of investments in Bulgarian-based businesses;
- the use of Bulgarian-resident structures (in the main, Bulgarian-incorporated private limited companies) in structuring international investments.